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Prepare an income statement using the contribution margin

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Reference no: EM133044163

Question - AJ Manufacturing Company Incurred $55,500 of fixed product cost and $44,400 of variable product cost during its first year of operation. Also during its first year, AJ incurred $17.650 of fixed and $14,100 of variable selling and administrative costs. The company sold all of the units it produced for $182,000.

Required -

a. Prepare an Income statement using the format required by generally accepted accounting Principles (GAAP).

b. Prepare an income statement using the contribution margin approach.

Reference no: EM133044163

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